February 2008/5

Allegations of overseas corruption have again led to arrests of London market insurance brokers.

A scaling back of the Florida Hurricane Catastrophe Fund (FHCF) looks closer after legislation cleared its first hurdle in the state's House of Representatives last Thursday.

The London market has moved a step closer to eliminating paper from premium processing, according to the Market Reform Group (MRG).

A change to the jury last week has caused a delay in reaching a verdict in the trial of Gen Re and American International Group (AIG) executives over an allegedly sham finite reinsurance contract.

Munich Re beat its increased profit projections for 2007 as it booked a consolidated result of EUR3.9bn for the year, up 11.9 percent on 2006.

Swiss Re has joined a growing pool of major market players setting up as admitted carriers in the deregulated Brazilian market.

US insurer HCC Insurance Holdings Inc's conservative business plan and investment strategy saw it reach a record profit for 2007 while steering clear of sub-prime woes.

Lloyd's (re)insurer Advent Capital Holdings PLC has seen net income rise to £19.2mn and has maintained a strong return on equity despite increasingly competitive market conditions.

Ron Sandler will continue as chairman of Bermudian insurer Ironshore Ltd after taking the helm at newly nationalised UK bank, Northern Rock.